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WASHINGTON, DC – Mark Twain never actually said “Reports of my death have been greatly (1) .” But the misquote is too delicious to die a natural death of its own. And nowhere is the idea behind it more (2) than in discussions of the dollar’s international role.
Pundits have been saying last rites for the dollar’s global (3) since the 1960s – that is, for more than a half-century now. The point can be shown by (4) of the phrase “demise of the dollar” in all English-language publications catalogued by Google.
The frequency of such mentions, adjusted for the number of printed pages per year, first jumped in 1969, following the (5) of the London Gold Pool, an arrangement in which eight central banks cooperated to support the dollar’s peg to gold. Use of the phrase (6) in the 1970s, following the collapse of the Bretton Woods system, of which the dollar was the linchpin, and in response to the high inflation that accompanied the presidencies of Richard Nixon, Gerald Ford, and Jimmy Carter in the 1970s.
But even that (7) was dwarfed by the increase in mentions and corresponding worries about the dollar starting in 2001, reflecting the shock of the terrorist attacks that September, the mushrooming growth of the US trade deficit, and then the global financial crisis of 2008.
Yet through all of this, the dollar’s international role has (8) . As my coauthors and I show in a new book, the share of dollars in the foreign-currency reserves held by central banks and governments worldwide hardly budged in the face of these events. The greenback remains the (9) currency traded in foreign-exchange markets. It is still the unit in which petroleum is priced and traded worldwide, Venezuelan leaders’ (10) about the “tyranny of the dollar” notwithstanding.
- 1) exaggerated
5) declinedAnswer – 1)
Explanation: exaggerated – represent (something) as being larger, better, or worse than it really is.
- 1) reduce
5) retrenchAnswer – 4)
Explanation: relevant – closely connected or appropriate to what is being done or considered.
- 1) recede
5) abateAnswer – 3)
Explanation: dominance – power and influence over others.
- 1) modesty
5) occurrencesAnswer – 5)
Explanation: occurrences – an incident or event.
- 1) arithmetic
5) depreciateAnswer – 4)
Explanation: collapse – (of a structure) suddenly fall down or give way.
- 1) computation
5) curtailAnswer – 3)
Explanation: soared – fly or rise high in the air.
- 1) spike
5) attenuateAnswer – 1)
Explanation: spike – a thin, pointed piece of metal, wood, or another rigid material.
- 1) dewdrop
5) unassumingAnswer – 4)
Explanation: endured – suffer (something painful or difficult) patiently.
- 1) dominant
5) modestAnswer – 1)
Explanation: dominant – having power and influence over others.
- 1) droplets
5) intervenesAnswer – 4)
Explanation: complaints – a statement that something is unsatisfactory or unacceptable.